KBR Asks NY Court To Wipe Out $200M Faulty Bolts Award

Law360, New York (February 16, 2012, 10:16 PM EST) -- Halliburton Co. disclosed Thursday that former subsidiary KBR Inc. has moved to vacate a $200 million arbitration award finding KBR liable in a contract dispute for using defective subsea bolts in the development of a Brazilian company's oil fields.

KBR asked the Southern District of New York on Dec. 16 to vacate the award, saying the arbitral tribunal “acted in manifest disregard of the law, exceeded its powers, and/or so imperfectly executed them.”